The Telegraph reports An Entire System of Global Trade Is At Risk
Never before has the global financial system been so interlinked and integrated, which means that problems in one part of the world are capable of causing severe stress almost everywhere else. We once more face a perfect storm of cascading default, contracting credit and collapsing economic activity.
The current situation need not end in the same catastrophe of economic, political and social meltdown as occurred in the 1930s. For most advanced economies, these outcomes are still avoidable. But escaping them is going to require leadership, nerve and collective resolve, things that have so far been in short supply.
The problem is not in Britain, which, despite the appalling legacy of debt left by the last government, is doing most of the right things, but in mainland Europe, where lack of foresight, unwillingness to act, confusion of counsel and lack of clear thinking are indeed everywhere to behold. We can but hope that self-preservation will eventually force governments into corrective action, but they are leaving it perilously late.
I relate that a sovereign crisis demands sovereign resolution; it will come with coercive action.
Soon, Sovereign Armageddon will come out of Gotterdammerung, the clash of the gods, that is the conflict between world leaders and investors, and was foretold in bible prophecy in Revelation 13:3:4. One Leader, the Sovereign, Revelation 13:5-10, and his banker, the Seignior, Revelation 13:11-18, will arise to speak for and to the Eurozone, which will be transformed into a Federal Europe, as leaders meet in summits and wiave national sovereignty, and implement a Fiscal Union, empower the ECB as a bank, and develop a common European Treasury. Seigniorage, that is moneyness, will no longer be based upon debt, but rather will be based upon the diktat of austerity measures and debt servitude; people will be amazed by this, and place their faith in it, and give their full allegiance to it, Revelation 13:3-4.